MIAMI, April 24, 2023 –The Verleur Group (“TVG”), a leading startup incubator based in South Florida, announced today that it has made a significant equity investment in Lion Order Group, a cannabis lifestyle brand founded by Rohan Marley, the son of legendary musician Bob Marley. The investment and incubation backbone provided by TVG, and its portfolio companies, will enable the Lion Order brand to expand into multiple US and international markets. 

Lion Order cannabis products are currently sold only in Michigan, the company’s first launch state, but its plant adjacent product lines, such as luxury smoking accessories and branded textiles, will be available online at www.Lionorder.com beginning in August.

Lion Order cannabis products feature proprietary genetics developed by Rohan Marley and his team, currently sold in pre-packaged flower, pre-rolls, concentrates, and topicals. Lion Order will also launch vapes before the close of Summer 2023.

“Lion Order is so much more than a brand. Lion Order is a movement, grounded in the love and teachings of Rastafari principles,” said Rohan Marley, Lion Order CEO and founder. “Working with the TVG team has been incredible; these guys understand our message and our vibe. With TVG resources and expertise we will scale the availability of both Lion Order herb products and cannabis adjacent hard and soft goods, such as our upcoming Roots Luxury brand.” 

“TVG is really excited to be a part of the Lion Order movement. We share Rohan’s vision for positive change, social responsibility, and the normalization of cannabis in professional sports” said Jan Verleur, Managing Partner of The Verleur Group. “Rohan Marley has assembled a coalition of professional athletes, activists, musicians, and visionaries that epitomize the Rastafari message of love and inclusiveness. I have never been involved in a commercial project that is more grounded in a set of unwavering social values. Rohan is the real deal. He really walks the talk in everything he does. His vision and authenticity are contagious, and we are beyond excited to help him scale his movement and affect social change.”

TVG’s investment and incubation support of Lion Order has already exceeded $5M, and the group expects to grow that investment to over $10M before the close of 2023. TVG will use its Michigan portfolio of companies, including 305 Farms and 305 Brands, to support Lion Order’s consumer product testing. All new products will be launched in Michigan first, before launching into other U.S. and International markets, by way of select license partnerships. 

Between 2023 and 2025, TVG expects to launch Lion Order branded products in no less than ten strategic markets, outside the state of Michigan; the first three of these markets will be announced in October of 2023. 

ABOUT THE VERLEUR GROUP

The Verleur Group LLC (TVG) is a boutique venture capital firm engaged in the hands-on incubation of startups. The group currently invests in FMCG, Healthcare, and the Legal Cannabis industries. TVG was founded by lifetime entrepreneurs Jan Verleur and Dan Recio, after selling their company, VMR Products LLC, in a nine figure transaction in October of 2018. The Verleur Group is currently managing equity investments in excess of $60MM, across its portfolio of incubated companies.

ABOUT LION ORDER GROUP

LION ORDER is a movement led by Rohan Marley and a collection of professional athletes, activists, musicians and visionaries around the world who seek everlasting change and commitment to the elevation and edification of consciousness via plant medicine. 

Media Contact
Alice Moon
Traiblaze
[email protected]

SOURCE The Verleur Group

Super.com’s valuation increased significantly following launch of SuperCash product

SAN FRANCISCO, April 24, 2023 — Super.com, the savings super app company, today announces its Series C fundraising round, which closed at $85M, led by Inovia Capital, significantly increasing the valuation of the company since its March 2021 Series B raise.

“Super.com’s diversified business model now drives savings across all facets of our customers’ lives, from travel to fintech. It’s great to see market excitement match our own as we rapidly build the first savings super app focused on everyday Americans,” says Super.com CEO Hussein Fazal.

Building SuperCash
In October 2022, Super.com (formerly Snapcommerce) rebranded its suite of products and launched SuperCash, a unique cashback card that provides users the opportunity to build credit without the barriers within the traditional financial industry. Since its launch, the SuperCash product has grown triple digits in customers and transactions every month.

The company’s customer centric approach led to the aforementioned expansion, following the realization that Super.com’s five million customers didn’t just want to save, but rather needed to save. These customers were typically lower income and had lower credit scores: both factors adding difficulty and barriers in their everyday lives.

“We saw that the best rewards and card offers were only available to those with the highest income and highest credit, leaving people who truly needed to save with few options. So we spent the last year building SuperCash from the ground up to provide rich rewards, benefits and spend power to everyone, regardless of their income, credit score or circumstance,” says Super.com co-founder Henry Shi.

Super App Strides
Armed with several products in the suite, Super.com went on to build an all-in-one savings super app for everyday Americans. The Super.com app provides deeper discounts and savings across multiple categories. The company’s model follows in the footsteps of so-called “super apps” widely used internationally, such as WeChat, which has user numbers in the billions¹. To date, Super.com customers have saved over $150 Million in direct savings across the ecosystem.

Super.com continues to expand the ways in which it can help their customers save money. The company will be scaling product and engineering resources to meet demand for multiple features that customers are asking for within the super app.

Investment
“Raising our Series C is proof of investor confidence in our ability to scale the business responsibly. This will allow us to both continue investing in growth while driving improving margins,” says Daniel Weisenfeld, Chief Financial Officer of Super.com.

New investors in this round include Harley Finkelstein, President of Shopify, Deb Liu, CEO of Ancestry.com, Allen Shim, former CFO of Slack, Josh Proctor, CFO of the Golden State Warriors, Chris Best, CEO of SubStack, Neha Narkhede, CTO at Confluent, and Mike Lee, co-founder of MyFitnessPal, Hyphen Capital, EDC, as well as Plaza Ventures. These join existing investors Inovia Capital, Telstra Ventures, Acrew, Lion Capital, Full In Partners, NBA superstar Steph Curry and more.

”We partnered with Hussein [Fazal], Henry [Shi], and the Super team over six years ago, and have consistently been impressed by their performance in the travel sector. We are excited to double down on our investment in the company and continue to support its journey, propelled by the recent launch of SuperCash,” says Chris Arsenault, Partner, Inovia Capital.

About Super.com
Super.com is the all-in-one savings super app for everyday Americans looking to save money, access credit, and experience more of what life has to offer. Super.com is home to the SuperCash card that offers cashback and the opportunity for credit building. The Super.com App also provides deals and savings across categories such as travel and shopping. Super.com is trusted by over 5 million customers worldwide and has helped them save over $150M to date. Super.com is backed by Tier 1 investors including NBA superstar Steph Curry and has raised over $150M USD and surpassed $1B in sales.

For further information, contact:
[email protected]
Press Kit Images

¹ https://www.oberlo.com/statistics/number-of-wechat-users#:~:text=The%20latest%20data%20shows%20that,it%20hit%2050%20million%20users.

SOURCE Super.com

Investment will fuel product development, expansion into new hospitals and health systems.

NEW YORK, April 24, 2023 — Chiefy, the pioneering cloud platform that helps surgical teams seamlessly embed quality and communication best practices, today announced it has raised $4.2 million in seed funding to accelerate and expand product development and customer acquisition. The new investment was led by LionBird, with participation from Nina Capital and Emerge Ventures.

The funding comes as hospitals and health systems continue to struggle with financial and operational issues. The lingering workforce crisis has many organizations seeking new ways to engage and retain clinicians. According to 2022 NSI National Health Care Retention & RN Staffing Report, the average hospital can save $262,300 per year for each percentage point it reduces nurse turnover, with operating room nurses being the most difficult to recruit. Meanwhile, surgeons, anesthesia providers, nurses, surgical technicians, and other perioperative stakeholders are challenged to increase efficiency as they provide patients with the highest quality of care.

“When everyone is forced to do more with less, we must find new ways to employ technologies to help clinicians focus on what’s important,” said Chiefy Co-Founder and CEO Maya Ber Lerner. “Chiefy is built to challenge the idea that if hospitals want high quality, they need to be slower, or clinicians need to suffer. We believe that quality, efficiency, and clinician experience can be a win-win-win. This requires building a culture of trust, and our technology serves as an enabler for building this culture.”

Globally, over 300 million surgeries are performed each year, and more than $50 billion is wasted due to related errors––80 percent of which stem from miscommunication. According to the Joint Commission 2022 report, communication breakdowns continue to be the leading factor contributing to serious medical errors. Multi-disciplinary surgical teams are hard-pressed to convene safety huddles (or team briefs)–short meetings that proactively enable them to focus on patient safety, team alignment, and communication. Instead, many teams rely on emails, text messages, and phones calls about each surgery. Often, by the time the entire team is in the operating room it is too late to address communication errors without causing delays, waste, and frustration. Getting all stakeholders in a room at the same time before each procedure is increasingly challenging––and often impossible. With Chiefy, surgical teams can easily perform digital huddles on a cloud-based collaboration platform––built by clinicians for clinicians––that seamlessly complements the clinical workflow.

“Delivering great patient care requires shared understanding and goal alignment between all members of a patient’s care team, a significant challenge in complex clinical environments,” said LionBird Partner Dr. Robert Lord. “Chiefy is at the forefront of not only putting the information clinical team members need at their fingertips, but facilitating the communication that is essential to quality care delivery and clinician engagement.”

An academic study with NYU Langone Health published in the Journal of Neurosurgery showed a statistically significant 35% reduction in last-minute OR requests, such as change of equipment and trays, change in patient and room preparation, change in anesthesia plan, and more. A later study showed a reduction in length of stay, readmission rates, time to incision, and cases overrun by greater than 30 mins––in addition to improved case time prediction.

“Teamwork and communication are the foundation of patient quality and safety,” said Dr. Peter Pronovost, Chief Clinical Transformation Officer and Chief Quality Officer, University Hospitals Health System. “Using technology and systems thinking to implement proven teamwork interventions like pre-op huddles and checklists at scale is a critical evolution of decades of effort in patient quality and safety. I’m excited to see Chiefy’s work on this global healthcare challenge.”

As a cloud-based SaaS platform, Chiefy represents a low-cost, low-risk opportunity for hospitals and health systems to quickly implement and scale a secure, compliant collaboration platform to engage clinicians and improve care quality. The platform is HIPAA compliant and does not require EMR integration to demonstrate results and return on investment. Unlike local quality improvement projects that take years to implement and are hard to scale, Chiefy can be implemented in as little as two weeks, with no significant upfront investment, and deliver tangible benefits immediately. To learn more about how the platform works and its benefits, visit the Chiefy product resource page and the Pre-Op Huddle
and Surgical Quality Resources page.

About LionBird

LionBird is a venture capital firm investing in pre-scale digital health companies with operations in Tel Aviv and the U.S. Founded in 2012 by veteran entrepreneurs and Fortune 100 executives in the software and healthcare industries, LionBird provides capital and assistance to mission-driven teams realigning the human-technology relationship in healthcare. Since its inception, the firm has invested in more than 30 founding teams across the U.S. and Israel. The firm is currently investing out of its third fund, LionBird III, exclusively focused on early-stage digital health.

About Chiefy

Chiefy helps surgeons, anesthesiologists, nurses and other surgical stakeholders seamlessly sustain quality best practices like pre-op huddles, checklists, surgical protocols, debrief and feedback loops. The Chiefy surgical team collaboration SaaS-based platform enables fast and efficient coordination and collaboration from pre-op to post-op, while automating administrative tasks. The result is a dramatic improvement in perioperative quality, efficiency, and patient safety. For more information visit Chiefyteam.com.

Media Contact:

Grant Evans, Amendola Communications (for Chiefy)

215-582-8146

[email protected]

SOURCE Chiefy

30 venture capital firms vote to name top 50 startups that serve small and medium-sized businesses

NEW YORK, April 24, 2023 — GGV Capital, a global venture capital firm, debuted the 2023 SMBTech 50 today in collaboration with Crunchbase. The SMBTech 50 is the first list to recognize the growth and potential of startups that serve small and medium-sized businesses (SMBs). The list (smbtech50.com) demonstrates both the breadth and depth of this sector and the enthusiasm of venture capital investors for these companies. The SMBTech 50 honorees will celebrate with the opening bell at the Nasdaq MarketSite.

SMBTech 50 honorees have raised a cumulative $22 billion in financing, including some of the largest pre-IPO rounds in the year. Twenty-six companies have each raised more than $100 million, and 64 percent of the honorees raised a new round in the last 12 months. Companies were roughly split between early and growth stages. The HRTech sub-sector had the greatest number of new entrants with Fintech and Vertical SaaS having the most entrants overall, similar to 2022. Eighteen are repeat honorees from 2022.

There are more than 30 million small businesses in the U.S., representing 44% of GDP, about half of U.S. employment, and more than $180 billion in annual technology spending. The U.S. is also seeing a renaissance of small business and entrepreneurship, with more than 10 million new business applications submitted in 2021 and 2022. Over the past decade, public SMBTech companies such as Square, Shopify, Toast, and Intuit have helped millions of small business owners scale their businesses in ways that rival their larger competitors. GGV Capital’s SMBTech 50 list celebrates the private, venture-backed technology companies seeking to make the same impact over the next five to 10 years.

“Public companies in the SMBTech space have grown from just a few billion dollars in market cap to more than $500 billion over the last decade,” said Tiffany Luck, Partner at GGV Capital. “Every year, we put together this list of top private companies, and we are blown away by the level of innovation, growth, and impact they are making on the SMB economy. Congratulations to all the honorees.” 

Methodology

More than 200 SMBTech companies were nominated or identified through research on Crunchbase. GGV Capital convened 30 SMBTech-focused investment firms to nominate and vote on the 50 honorees. Some of the participating firms include Bain Capital Ventures, Bessemer Venture Partners, Coatue, Felicis Ventures, Footwork, Homebrew, ICONIQ Growth, IVP, NEA, and more. To ensure a representative and inclusive list, investment firms were asked to submit portfolio and non-portfolio companies. For more information about honorees, participating investors, and methodology, visit: smbtech50.com.

The SMBTech 50 honorees will also be recognized on Crunchbase. Anyone with a Crunchbase Pro account can follow the list and track the companies here.

About GGV Capital SMBTech 50

GGV Capital is a long-time investor in SMBTech and its portfolio includes BigCommerce (BIGC), Brightwheel, Drata, Electric.ai, Homebase, Khatabook, Odeko, Slice, Square (SQ), Udaan, Vic.ai, Zendesk (ZEN), and more. In 2019, GGV established the SMBTech Index which tracks public SMBTech companies, and hosts an annual SMB-focused thought leadership event, SMBTech Summit. The firm launched SMBTech 50 in 2022 to recognize the rising stars of the SMBTech sector. More information can be found at smbtech50.com.

About GGV Capital

GGV Capital is a global venture capital firm focused on multi-stage, sector-focused investments. Recognizing that the talent to build great companies can come from anywhere, the firm invests in founders building category-leading companies around the world. Founded in 2000 with roots in Singapore and Silicon Valley, GGV has expanded with additional offices in San Francisco, New York, Shanghai, and Beijing. The firm manages $9.2 billion in investments across the United States, Canada, China, Southeast Asia, India, Latin America, and Israel. Over the past two decades, the firm has backed more than 400 companies, including Affirm, Airbnb, Alibaba, BigCommerce, Boss Zhipin, Bowery Farming, Grab, Full Truck Alliance, HashiCorp, Hello, Keep, Kujiale, NIU, Opendoor Technologies, Peloton, Poshmark, Slack, Square, StockX, Udaan, Wish, XPeng, Zendesk, and more. More information can be found at www.ggvc.com and @ggvcapital.

2023 SMBTech 50 Honorees

1Password

Airbase

Alloy

Apollo

Archive

AutoLeap

Boulevard

Brightwheel*

Calendly

Carta

Coast

Coda

ComplYant

Contra

Deel

Dovetail Software

Drata*

Electric*

EngineEars

GlossGenius

Gusto

Heard

Homebase*

Human Interest

Justworks

Klaviyo

Linear

MaintainX

Maze

Mercury

Merge

Middesk

Miro

Mosaic

MVMNT

Papaya Global

Parafin

Patreon

Portex

Ramp

Rippling

Rupa Health

Secureframe

Select Star

ServiceTitan

Stripe

Topline Pro

UserGems

Vitally

Wrapbook

*denotes GGV Capital portfolio company

SOURCE GGV Capital

Company recognized as a leader helping high-growth SMB companies automate financial insights, confidently plan future performance, and align business teams on drivers of financial success.

SAN DIEGO, April 24, 2023 — Mosaic, maker of the world’s first Strategic Finance Platform, today was named to the 2023 SMBTech 50, a list created by GGV Capital in collaboration with Crunchbase and 27 venture capital firms to recognize the growth and potential of startups that serve small and medium-sized businesses. In celebration of the SMBTech 50 list, company honorees will ring the opening bell at the Nasdaq MarketSite today.

The SMBTech 50 list demonstrates both the breadth and depth of the sector and the enthusiasm of venture capital investors for these companies. More than 200 companies were nominated and voted on by top SMBTech venture capital investors to create the SMBTech 50, which represents a mix of early, growth and late-stage private companies.

More than 30 million small businesses in the U.S. represent 44% of GDP, about half of U.S. employment, and more than $180 billion in annual technology spending. The U.S. is also seeing a renaissance of small business and entrepreneurship, with more than 10 million new business applications submitted in 2021 and 2022. GGV Capital’s SMBTech 50 list celebrates the private, venture-backed technology companies seeking to make a significant impact on SMBs.

“We’re honored to be on the SMBTech 50 list,” said Bijan Moallemi, Co-Founder and CEO of Mosaic. “Our mission is to help finance leaders become more efficient and play bigger strategic roles within their companies. And nowhere is that need more real than in small and medium-sized businesses who work tirelessly to bring value to their customers, often with limited time and resources. We’re proud to serve these professionals and thrilled to be recognized for it.”

About Mosaic
Mosaic is the maker of the world’s first Strategic Finance software platform. Mosaic provides finance and business leaders with a real-time analytics and planning platform that helps teams get from data to decision, faster. High-growth companies like Drata, Dooly, Emerge, and Fivetran rely on Mosaic to manage the financial health and outlook of their businesses with automated insights and flexible business modeling. Mosaic is a private company backed by leading venture capital firms such as General Catalyst, Founders Fund, and XYZ. Learn more at mosaic.tech.

SOURCE Mosaic.tech

NEW YORK, April 22, 2023 — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Horizon Bancorp, Inc. (“Horizon” or the “Company”) (NASDAQ: HBNC) and reminds investors of the June 19, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you suffered losses exceeding $100,000 investing in Horizon stock or options between March 9, 2022 and March 10, 2023 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/HBNC.

There is no cost or obligation to you.

Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.

As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the Company maintained deficient internal accounting controls relating to its classification of certain loan balances and securities; (2) as a result of the foregoing deficiencies, throughout 2022 the Company issued quarterly financial statements containing errors that would require subsequent revision; (3) restatement of the foregoing financial statements would hinder the Company’s ability to timely file its annual report for 2022; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On March 10, 2023, after trading hours, Horizon filed a notice of the Company’s inability to timely file its Annual Report on Form 10-K for the year ended December 31, 2022 with the Securities and Exchange Commission, announcing receipt of a notice from NASDAQ as a result of failing to timely file its annual report, as well as disclosing that it had identified material weaknesses in its internal controls.

On this news, Horizon’s stock price fell $1.43 per share, or 10.96%, to close at $11.62 per share on March 13, 2023.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. 

Faruqi & Faruqi, LLP also encourages anyone with information regarding Horizon’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

SOURCE Faruqi & Faruqi, LLP

NEW YORK, April 22, 2023 — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Luminar Technologies, Inc. (“Luminar” or the “Company”) (NASDAQ: LAZR).

If you suffered losses exceeding $50,000 investing in Luminar stock or options and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/LAZR.

There is no cost or obligation to you.

Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.

Media sources reported on or around March 17, 2023, that Lidwave, a semiconductor developer, had accused Luminar of trying to pass off a Lidwave chip as its technology. This came after Luminar displayed an image of the processor at an investor conference and on its website. As a result, Lidwave threatened Luminar with legal action, prompting the latter to remove the disputed images from its investor presentation and website. Following this news, Luminar’s stock price dropped by $0.68 per share or 8.02% to close at $7.80 per share on March 20, 2023.

Attorney Advertising.  The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com).  Prior results do not guarantee or predict a similar outcome with respect to any future matter.  We welcome the opportunity to discuss your particular case.  All communications will be treated in a confidential manner.

SOURCE Faruqi & Faruqi, LLP

NEW YORK, April 22, 2023 — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Harrow Health, Inc. (“Harrow Health” or the “Company”) (NASDAQ: HROW).

If you suffered losses exceeding $50,000 investing in Harrow Health stock or options and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/HROW.

There is no cost or obligation to you.

Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

SOURCE Faruqi & Faruqi, LLP

NEW YORK, April 22, 2023 — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Catalent, Inc. (“Catalent” or the “Company”) (NYSE: CTLT) and reminds investors of the April 25, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you suffered losses exceeding $100,000 investing in Catalent stock or options between August 30, 2021 and October 31, 2022, both dates inclusive (the “Class Period”) and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/CTLT.

There is no cost or obligation to you.

Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.

Catalent is a multinational corporation that manufactures and packages drugs into delivery devices fit for human consumption (i.e., pre-filled syringes, vials, pills, etc.) pursuant to long-term supply contracts with pharmaceutical companies. Catalent directly sells these products to pharmaceutical companies which later sell them through the supply chain to healthcare providers (i.e., hospitals, clinics, etc.), which administer them to patients, who are the end consumers. Catalent’s vaccine manufacturing business initially benefitted from the COVID-19 pandemic, causing its stock price to soar to record highs.

The Complaint alleges that by mid-2021, when COVID-related work dropped off, Defendants engaged in accounting and channel stuffing schemes to pad the Company’s revenues. These schemes gave Catalent the appearance of continued growth, causing its stock price to reach record highs. Meanwhile, to support these schemes and keep pace with its lofty growth targets, Catalent was cutting corners on safety and control procedures at key production facilities. By late 2022, Catalent reported significant sales declines and excess inventory throughout its supply chain. As a result, Catalent stock dropped to pre-COVID levels causing substantial losses to its investors as they learned that Catalent’s early-COVID revenues were never sustainable, and its Class Period revenues were the product of securities fraud.

The Complaint further alleges that statements made by Defendants throughout the Class Period were materially false and misleading when made because they misrepresented or failed to disclose the following adverse facts, which were known to Defendants or recklessly disregarded by them: (a) Catalent materially overstated its revenue and earnings by prematurely recognizing revenue in violation of U.S. Generally Accepted Accounting Principles (“GAAP”); (b) Catalent had material weaknesses in its internal control over financial reporting related to revenue recognition; (c) Catalent falsely represented demand for its products while it knowingly sold more product to its direct customers than could be sold to healthcare providers and end consumers; (d) Catalent disregarded regulatory rules at key production facilities in order to rapidly produce excess inventory that was used to pad the Company’s financial results through premature revenue recognition in violation of GAAP and/or stuffing its direct customers with this excess inventory; and (e) as a result of the foregoing, Defendants lacked a reasonable basis for their positive statements about the Company’s financial performance, outlook, and regulatory compliance during the Class Period.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. 

Faruqi & Faruqi, LLP also encourages anyone with information regarding Catalent’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

SOURCE Faruqi & Faruqi, LLP